EnCore Oil plc - Breagh Update - 19 February 2008
Posted by Aquila Financial on Tuesday, February 19, 2008
Location
UK
Full Details
Sterling Resources Ltd. (“Sterling”), the operator of the Breagh discovery, has today announced that it has received an independent evaluation of gas in place at its Breagh discovery on UKCS block 42/13. EnCore (LSE: EO.) holds a 15 per cent. interest in the licence.
Sterling reported that an independent evaluation of gas in place at the Breagh discovery confirmed significant in place volumes which exceed Sterling’s pre-well estimates. The evaluation by RPS Energy (“RPS”), a UK-based engineering company, will progress towards reporting recoverable resources with this next report scheduled for completion in March.
The evaluation by RPS indicates that the Breagh structure in block 42/13 in the UK Southern North Sea holds a best estimate (P50) of total gas in place of 545 bcf ¹ and an upper estimate (P10) of 994 bcf ². The P50 resources are split 330 bcf of discovered gas in place in the western area drilled by the recent 42/13-3 well and 467 bcf of unrisked undiscovered gas in place in the undrilled eastern area.
¹ The stochastically consolidated P50 volume, which is not the arithmetic sum of the P50 volume in Breagh East and Breagh West
² The stochastically consolidated P10 volume
For further information, please contact:
EnCore Oil plc www.encoreoil.co.uk
Alan Booth, Chief Executive Officer +44 (0)20 7224 4546
Eugene Whyms, Chief Financial Officer
Aquila Financial Limited
www.aquila-financial.com
Peter Reilly +44 (0) 118 979 4100
Yvonne Fraser
Hanson Westhouse Limited
Tim Feather +44 (0)113 246 2610
KBC Peel Hunt
Jonathan Marren +44 (0)20 7418 8900
About EnCore Oil
EnCore Oil plc (LSE:EO.) is an oil and gas exploration and production (E&P) company quoted on AIM.
At EnCore, it is not the Company’s aim to build a full cycle E&P company. The principal strategy is to create shareholder value through the successful exploration and appraisal of prospects and discoveries. The Company will seek to monetise or exchange the asset at the appropriate point in its life cycle and return value directly to shareholders wherever possible.
EnCore has an experienced and proven management team, a number of whom were responsible for the discovery of the Buzzard field in the UK North Sea, which currently produces 10 per cent. of the UK’s total oil production.
All EnCore’s commercial and material technical evaluations are undertaken in-house by the EnCore team. This brings both continuity to the management and development of the assets and an ownership that is vital to unearth the best and most creative new ideas and opportunities.
EnCore currently holds a balanced portfolio of interests in licences both on and offshore, primarily focused on the UKCS. EnCore expects to participate in the drilling of nine wells before the end of 2008.
www.encoreoil.co.uk
Category
Company News Release